That is pursuant to a new investor coming forward to invest in the company.

He is said to be a relative of a Muslim minister.

Following his investment, the company is due to be joined by Anura Siriwardena (ex-ITN chairman), Bandula Padmakumara (ex-Lake House chairman) and former marketing manager of Ceylon Biscuits Company Nandana Wickremage.

When contacted by SLM, a top official of the Media Network said he was unaware of such a development.

However, at a staff meeting yesterday (17), it was announced that there would be a change in the director board and that the chairman would retire, reports add.